US market close: Stocks close lower amid declining oil prices

US stocks dropped for a fourth straight session on 14 June in the Dow Jones and S&P 500's longest losing streak since February. Declining oil prices as well as continued concerns over the Fed meeting and Brexit vote on 23 June led averages lower.

The Dow Jones Industrial Average shed 57.66 points, or 0.3%, to close at 17,674.82. The blue chips gauge was dragged down by a 4.1% decline in American Express Co shares and a 2% drop in Home Depot Inc shares.

The S&P 500 dropped 3.74 points, or 0.2%, to finish at 2,075.32. Financials led declines with a 1.5% drop in stocks. The index was a hair below its 50-day moving average of 2,076.63 for the first time since 23 May. "I think short-term it was just oversold but right now we're flirting with the 50-day moving average, an easy point for it to bounce," Adam Sarhan, CEO of Sarhan Capital, told CNBC.

Meanwhile, the Nasdaq Composite fell 4.89 points, or 0.1%, to settle at 4,843.55. According to MarketWatch, the tech-heavy index's four-day drop is its longest losing streak since it fell for seven straight sessions in April. Gains in Apple (up 0.12%) and Yahoo (up 2.55%) helped ease losses.

Treasury yields traded higher later in the day after both yields reached their lowest since February. The two-year yield was near 0.72%, while the 10-year yield was at about 1.62%. CNBC reported that the German 10-year bund yield dropped into negative territory to hit a low of minus 0.034%, while the UK 10-year yield hit a low of 1.115%. The Japanese 10-year yield also hit a record low of minus 0.168%.

According to MarketWatch a rise in the CBOE Volatility Index VIX in the past couple of sessions indicates investors are still anxious about the Fed's policy meeting and the Brexit vote. "A bit spike in the volatility index yesterday is indicative of a lot of uncertainty in the market and investors are preparing for the worst," Randy Frederick, managing director of trading and derivatives at Schwab Center for Financial Research, said.

Frederick added: "If the UK stays in the European Union then there is very limited upside for stocks, because essentially it's just a status quo. If they vote to leave, there is a lot of room for downside." The VIX settled to 20.47 on 14 June.

Meanwhile, US crude oil futures also dropped $0.39 (£0.28;€0.35), or 0.8%, at $48.49 (£34.35;€43.26) a barrel. Gold futures for August delivery rose $1.20 (£0.85;€1.07) to settle at $1,288.10 (£912.61;€1,149.22) an ounce.

The US dollar index continued its upward trend with a 0.6% rise, at the euro hit around $1.121 and the yen around 106.1 yen against the greenback. The pound sterling settled near $1.4109 after hitting its lowest against the dollar since April, CNBC reported.

Overseas, European stocks dropped and Asian stocks closed mixed. The STOXX Europe 600 fell 1.9% and the German DAX dropped about 1.4%. In Asia, the Nikkei 225 shed 1%, while the Shanghai Composite rose 0.3%.